The Hindu Business Line : LIC International opens UAE branch in Dubai

LIC (Int'l) BSC, the international subsidiary of LIC of India, has opened a UAE branch office in Dubai to cater to the growing NRI demand for insurance products in the region.

Announcing this, Mr A.K. Shukla, Chairman of LIC, said that the permission granted for opening the branch was the first such registration granted by the UAE authorities in 13 years and signified their recognition of the role played by NRIs in the development of the country.

The new branch will allow NRIS direct access, to a range of insurance products, he said.

LIC of India is looking into the feasibility of setting up dedicated "call centre" to cater to the existing LIC of India policy holders, he said. More details regarding this would be announced after finalisation, he added.

Mr Shukla said that as a commitment to the development of the LIC UAE national workforce in the insurance sector, LIC will be actively looking for ways to promote the development of an indigenous and professional UAE national insurance industry expertise. The first such move will be the introduction and implementation of the LIC scholarship programme — whereby two UAE nationals will be sponsored to attend one of the LIC training institutions to undergo training in India and this will be followed by a short practical experience programme in Mumbai LIC office.

LIC International caters to the saving and insurance needs of NRIs with US Dollar denominated product range. Plans are on to introduce old age and pension insurance plans and insurance schemes for children, an LIC official told Business Line.

LIC International has its regional headquarters in Bahrain.

It has generated a very good response in the UAE over the past five years through its joint operations with Kingstar Insurance Agencies and has over 10,000 policies in the Gulf region.